Bank of America® Cash Rewards Credit Card Review – $200 Bonus and 3% Back

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Overview

If you don’t have a right credit card to pay for day to day expenses such as gas or groceries, you could be missing out on some big rewards. The Bank of America® Cash Rewards credit card is one such card which rewards you on purchases at places such as online shopping, dining, travel, grocery stores, wholesale clubs, gas stations, and more, allowing everyday spenders to earn cash back and essentially saving you money on your daily expenses.

The Bank of America® Cash Rewards Credit Card also gives a $200 sign-up bonus along with no annual fee. Unlike many other rewards cards, there are no rotating categories to keep track of and you can earn even bigger bonuses just for being a Bank of America customer. These features, along with the rewards program, can make this cash rewards card one of the most valuable credit cards to carry.

Card Benefits

$200 Cash Back Bonus

With the Bank of America® Cash Rewards Credit Card, card members can earn a $200 cash back bonus just for using their card. All you have to do to get the bonus is spend $1,000 with your card in the first 90 days after opening your account. Earning the $200 bonus is like getting a 20% discount on your first $1,000 in purchases and it’s an easy way to put more cash back in your pocket.

Rewards Program

On top of the new member bonus, you’ll earn cash back rewards everywhere you go. The card pays you 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement / furnishings, and 2% back on purchases at grocery stores and wholesale clubs. There is a cap of $2,500 in combined choice category/grocery store/wholesale club purchases per quarter. After that, those purchases earn 1% cash back. For all other purchases, you’ll automatically earn 1% cash back with no cap on how much cash back you can earn. For example, if you spend $600 on purchases that qualify for 3% cash back, $200 on groceries, and $1,800 on everything else per month, you will receive $40 cash rewards each month and $480 cash rewards in a year. You can use our cash back calculator to find out how much cash rewards you may receive.

You can request your cash back as a statement credit, check, or electronic deposit into a Bank of America® or Merrill Cash Management® Account. The best part is, your rewards never expire so you can use them whenever you like.

Loyalty Bonus

If you are a Bank of America Preferred Rewards customer, your rewards bonus can be between 25% and 75% of your base cash rewards. There are 3 tiers in the Preferred Rewards program: Gold, Platinum and Platinum Honors. Your tier is based on your qualifying combined balances in your Bank of America® deposit accounts and/or Merrill investment accounts. Depending on your eligible tier of Preferred Rewards, you can get a 25%, 50% to 75% rewards bonus on the baseline rewards. The following chart shows the qualification requirement of minimum balance and rewards for Gold, Platinum, Platinum Honors tiers of Preferred Rewards.

Preferred Rewards Tier Rewards Bonus Cash Rewards for the Tier
Gold Tier – $20,000 in combined balance of qualifying accounts 25%
  • 3.75% cash back in the spending category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement /furnishings, and 2.5% cash back on purchases at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases)
  • 1.25% cash back on other purchases
Platinum Tier – $50,000 in combined balance of qualifying accounts 50%
  • 4.5% cash back in the spending category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement /furnishings, and 3% cash back on purchases at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases)
  • 1.5% cash back on other purchases
Platinum Honors Tier – $100,000 in combined balance of qualifying accounts 75%
  • 5.25% cash back in the spending category of your choice, and 3.5% cash back on purchases at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases)
  • 1.75% cash back on other purchases

If you qualify for the Platinum Honors Tier of Preferred Rewards, and still spend the same amount as the above example, i.e., $600 on purchases in the spending category that qualifies for the highest cash back, $200 on groceries, and $1,800 on everything else per month, you will receive $70 cash rewards each month and $840 cash rewards in a year. See the calculation of cash back rewards for preferred rewards.

Spending Category Spending Cash Rewards Net Spending (after Cash Back)
Spending Category of Your Choice:
Gas, Online Shopping, Dining, Travel,
Drug Stores, or Home Improvement, etc
$600.00 $31.50 $568.50
Grocery $200.00 $7.00 $193.00
Everything Else $1,800.00 $31.50 $1,768.50
Total $2,600.00 $70.00 $2,530.00

Fees

The Bank of America® Cash Rewards credit card carries no annual fee, so it won’t cost you anything to earn cash back.

Is this the right card for you?

With no annual fee and an easy-to-understand rewards structure, the Bank of America® Cash Rewards credit card is a great choice if you want to get more cash back on the things you buy every day. If you’re already a Bank of America® customer, you won’t want to miss out on the additional bonuses the card offers.

Similar Cash Back Credit Cards

If you are interested in the Bank of America® Cash Rewards credit card, you may also consider a few other cash back credit cards with similar benefits.

Credit CardsPurchase APRTransfer InfoAnnual Fee Credit Level
Wells Fargo Cash Wise Visa® card

0% intro APR
for 15 months

13.99%-25.99% (Variable) APR after that

Rates & Fees

0% intro APR
for 15 months on qualifying balance transfers

13.99%-25.99% (Variable) APR after that

$0

Good / Excellent CreditLearn MoreView Card Details
  • Earn a $150 cash rewards bonus after spending $500 in the first 3 months
  • Earn unlimited 1.5% cash rewards on purchases
  • Enjoy 1.8% cash rewards on qualified digital wallet purchases, like Apple Pay® or Google Pay™, during the first 12 months from account opening
  • No category restrictions or sign ups and cash rewards don't expire as long as your account remains open
  • Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your Wells Fargo Cash Wise Visa® card
  • $0 Annual Fee
  • Select "Apply Now" to learn more about the product features, terms and conditions
Citi Rewards+℠ Card

0% intro APR
for 15 months

13.49% - 23.49% (Variable) APR after that

0% intro APR
for 15 months

13.49% - 23.49% (Variable) APR after that

$0

Excellent / Good CreditLearn MoreView Card Details
  • The Citi Rewards+℠ Card - the only credit card that automatically rounds up to the nearest 10 points on every purchase - with no cap.
  • Earn 15,000 bonus points after you spend $1,000 in purchases with your card within 3 months of account opening; redeemable for $150 in gift cards at thankyou.com
  • 0% Intro APR on balance transfers and purchases for 15 months. After that, the variable APR will be 13.49% - 23.49%, based on your creditworthiness. Balance transfer fee - either $5 or 3% of the amount of each transfer, whichever is greater.
  • Earn 2X ThankYou® Points at Supermarkets and Gas Stations for the first $6,000 per year and then 1X Points thereafter. Plus, earn 1X Points on All Other Purchases.
  • The standard variable APR for Citi Flex Plan is 13.49% - 23.49%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.
Wells Fargo Propel American Express® card

0% intro APR
for 12 months

13.99%-25.99% (Variable) APR after that

Rates & Fees

0% intro APR
for 12 months on qualifying balance transfers

13.99%-25.99% (Variable) APR after that

$0

Good / Excellent CreditLearn MoreView Card Details
  • Earn 20,000 bonus points when you spend $1,000 in purchases in the first 3 months - that's a $200 cash redemption value
  • $0 annual fee and no foreign currency conversion fee
  • Earn 3X points on eating out and ordering in
  • Earn 3X points on travel including flights, hotels, homestays and car rentals
  • Earn 3X points on gas stations, rideshares and transit
  • Earn 3X points on popular streaming services
  • Earn 1X points on other purchases
  • Select "Apply Now" to learn more about the product features, terms and conditions
ABOC Platinum Rewards Credit Card

0% intro APR
for 12 months

14.40% - 24.40% Variable APR after that

0% intro APR
for 18 months

14.40% - 24.40% Variable APR after that

$0

Excellent, Good CreditLearn MoreView Card Details
  • 0% Intro APR on Purchases for 12 months and Balance Transfers for 18 months; after that the variable APR will be 14.40% - 24.40%, based on your creditworthiness
  • Earn $150 Statement Credit after you spend $1,200 on purchases within the first 90 days from account opening
  • Earn 5x rewards on up to $1,500 in combined purchases each quarter in popular categories such as dining, groceries, travel, and automotive
  • No upper limit on the points you can accumulate, and since points never expire, you can save up for a big award!
  • Earn Points on Every Purchase! It's simple: $1 = 1 Point
  • No Annual Fee
  • Select Your Rewards Your Way
American Express Blue Business Cash™ Card

0% intro APR
for 12 months from date of account opening

13.24% - 19.24% Variable APR after that

Rates & Fees

13.24% - 19.24% Variable APR

No annual fee

Good, Excellent CreditLearn MoreView Card Details
  • Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. Cash back earned is automatically credited to your statement.
  • From workflow to inventory to floor plans, your business is constantly changing. That's why you've got the power to spend beyond your credit limit with Expanded Buying Power§.
  • Just remember, the amount you can spend above your credit limit is not unlimited. It adjusts with your use of the Card, your payment history, credit record, financial resources known to us and other factors.
  • 0.0% intro APR on purchases and balance transfers for 12 months from the date of account opening, then a variable rate, 13.24%, 16.24%, or 19.24%, based on your creditworthiness and other factors as determined at the time of account opening.
  • No Annual Fee
  • Terms Apply
  • Earn a $150 cash rewards bonus after spending $500 in the first 3 months
  • Earn unlimited 1.5% cash rewards on purchases
  • Enjoy 1.8% cash rewards on qualified digital wallet purchases, like Apple Pay® or Google Pay™, during the first 12 months from account opening
  • No category restrictions or sign ups and cash rewards don't expire as long as your account remains open
  • Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your Wells Fargo Cash Wise Visa® card
  • $0 Annual Fee
  • Select "Apply Now" to learn more about the product features, terms and conditions
  • The Citi Rewards+℠ Card - the only credit card that automatically rounds up to the nearest 10 points on every purchase - with no cap.
  • Earn 15,000 bonus points after you spend $1,000 in purchases with your card within 3 months of account opening; redeemable for $150 in gift cards at thankyou.com
  • 0% Intro APR on balance transfers and purchases for 15 months. After that, the variable APR will be 13.49% - 23.49%, based on your creditworthiness. Balance transfer fee - either $5 or 3% of the amount of each transfer, whichever is greater.
  • Earn 2X ThankYou® Points at Supermarkets and Gas Stations for the first $6,000 per year and then 1X Points thereafter. Plus, earn 1X Points on All Other Purchases.
  • The standard variable APR for Citi Flex Plan is 13.49% - 23.49%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.
  • Earn 20,000 bonus points when you spend $1,000 in purchases in the first 3 months - that's a $200 cash redemption value
  • $0 annual fee and no foreign currency conversion fee
  • Earn 3X points on eating out and ordering in
  • Earn 3X points on travel including flights, hotels, homestays and car rentals
  • Earn 3X points on gas stations, rideshares and transit
  • Earn 3X points on popular streaming services
  • Earn 1X points on other purchases
  • Select "Apply Now" to learn more about the product features, terms and conditions
  • 0% Intro APR on Purchases for 12 months and Balance Transfers for 18 months; after that the variable APR will be 14.40% - 24.40%, based on your creditworthiness
  • Earn $150 Statement Credit after you spend $1,200 on purchases within the first 90 days from account opening
  • Earn 5x rewards on up to $1,500 in combined purchases each quarter in popular categories such as dining, groceries, travel, and automotive
  • No upper limit on the points you can accumulate, and since points never expire, you can save up for a big award!
  • Earn Points on Every Purchase! It's simple: $1 = 1 Point
  • No Annual Fee
  • Select Your Rewards Your Way
  • Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. Cash back earned is automatically credited to your statement.
  • From workflow to inventory to floor plans, your business is constantly changing. That's why you've got the power to spend beyond your credit limit with Expanded Buying Power§.
  • Just remember, the amount you can spend above your credit limit is not unlimited. It adjusts with your use of the Card, your payment history, credit record, financial resources known to us and other factors.
  • 0.0% intro APR on purchases and balance transfers for 12 months from the date of account opening, then a variable rate, 13.24%, 16.24%, or 19.24%, based on your creditworthiness and other factors as determined at the time of account opening.
  • No Annual Fee
  • Terms Apply

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2 Responses

  1. Paul

    Is this for US citizens only?

    • CardBenefit

      Yes, the Bank of America® Cash Rewards Credit Card is for U.S. citizens and U.S. permanent residents only. Qualified applicants need to have a valid SSN and an established credit history of good or excellent credit rating.